Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,608/mo
Lowest payment- Down payment
- $6,132
- Funds due
- $15,334
- Interest + MI left
- $133,694
- First ends
- Aug 2051
New loan
New conventional
$1,819/mo
+$211/mo- Down payment
- $24,990
- Funds due
- $32,362
- Interest + MI left
- $328,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $243,768 | $224,910 |
| Second mortgage | — | — |
| First P&I | $1,161.42 | $1,523.62 |
| Second P&I | — | — |
| Mortgage insurance | $196.13 | $44.98 |
| Taxes, insurance & HOA | $250.00 | $250.00 |
| Total housing payment | $1,607.55 | $1,818.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$6,132
Closing costs & prepaids$9,202
Usable credit−$0
Total buyer cash needed$15,334
Earnest money paid−$0
Remaining funds due$15,334
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$300.00
Prepaid interest, first (9 days)$177.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 8 moOf the original 30-year loan at 2.96%
Interest already paid$41,207Through Dec 2026
Assumption only · ends Aug 2051$133,694
New conventional · ends Jan 2057$328,856